Section 5
Borrowing by statutory authority from Fund
of Loans (International Fund for Agricultural Development) Act 1992
Subject to the provisions of the Federal Constitution and this Act, a statutory authority may, in such manner and on such terms and subject to such conditions as may be agreed between the statutory authority and the Fund and with the approval in writing first obtained of the Minister, borrow from the Fund from time to time such sums as may be required by the statutory authority.
(2)
Notwithstanding anything contained in the written law by which a statutory authority is established, any agreement between the statutory authority and the Fund shall be valid and binding on the statutory authority if signed on behalf of the statutory authority by a person authorized in writing under the seal of the statutory authority.
(3)
The power to borrow under this section shall be in addition to any power to borrow conferred on such statutory authority by any other written law.
(4)
Notwithstanding anything contained in the written law by which a statutory authority is established, the statutory authority may charge or mortgage all or any of its property (movable or immovable)
undertaking or revenue to secure any sum owing to the Fund in respect of sums borrowed under subsection (1).
(5)
Notwithstanding anything contained in any written law a statutory authority may issue such bonds, promissory notes and other instruments on such terms and conditions as may be necessary for the purpose of giving effect to any agreement which may be entered into by it with the fund in respect of any borrowing under subsection (1).
8 Laws of Malaysia ACT 484